Frankfurt (23 January 2008):
Genworth Financial, the global financial security company and Commerzbank, one of the leading German banks, are cooperating in the area of credit cards. As part of a joint corporate strategy offering solutions and services developed to meet customer requirements, both companies have agreed a partnership for the new eBay credit card. The credit card with a revolving credit or instalment function is being expanded to include payment protection insurance (PPI).
With this value for money insurance, the customer has protection for the repayments of their credit card balance if they have opted for PPI. In the event that the insured party loses their job or is incapacitated through no fault of their own, Genworth pays 10 percent of the balance on the monthly payment date up to a maximum of €1,000. In case of death, the insurance pays the full amount up to a maximum of €6,000. Up to this limit, the heirs do not have to pay any outstanding balance if the maximum claim has been made on the insurance. The customer focus of both contractual partners is highlighted by other factors, such as the brief and clearly arranged insurance conditions and the removal of waiting times for the risks of death and incapacity.
The benefits of the eBay credit card are clear. There are 4 card designs to choose from. Apart from a welcome gift, the cardholder collects bonus points which are automatically converted into PayPal vouchers for purchases on eBay. This high quality credit card, which can be used worldwide at 820,000 cash machines, is free in the first year. Credit interest, flexible instalments, free purchase insurance and online administration take customer needs into account. All documents relating to simple on-line credit card and PPI applications are available to the customer as PDF downloads. And if the customer wants to make a claim during the term of the insurance cover, the appropriate forms are also available on-line.
"Despite the economic recovery and the fall in unemployment, insurance for credit liabilities is an important security factor for consumers," explains Dr. Holger Hill, General Manager of Genworth's PPI division in Germany. "An analysis of the latest surveys on private insolvency shows that, apart from the continuing strong increase in private debt, unemployment, illness and divorce are causes in 52 percent of cases."
"And this in particular was the decisive argument for us," adds Rainer Höhn, company representative of the
Commerzbank for the central business area of private and corporate customers. "Our customers can suddenly find themselves unable to service their credit liabilities through no fault of their own. With the option of credit insurance, we are now offering every single customer who uses the eBay credit card the chance to insure against crisis situations. And it is also important to us that in Genworth we have found a partner who only charges insurance premiums if the credit is used."
Genworth has been operational in Germany for more than ten years and offers many German savings banks, national banks and insurance companies direct and reinsurance services for PPI and GAP products.
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About Genworth FinancialGenworth Financial, Inc. is a global financial security company and offers more than 15 million customers in 25 countries services in the areas of life insurance, pensions, capital investments and mortgage insurance. In Europe, Genworth operates in the field of payment protection insurance and mortgage insurance and works closely with lending institutions, brokers, advisors and other financial service providers.
For further information, go to www.genworth.com
About CommerzbankA bank must primarily be a service provider. Our success in the market is measured on how well we fulfil this role. The benchmark is customer satisfaction, to which we at Commerzbank are unreservedly committed.
We see ourselves as a professional financial services provider for discerning private customers in Germany. Additionally, we are the creative relationship bank for successful German small and medium-sized companies, for large corporate customers and institutions in Europe and for multinational companies from all over the world.
Regionally, our focus is on Germany, where as an integrated financial services provider we maintain a nationwide branch network offering advice and sales to all customer groups. In terms of our business with corporate clients, we also regard western, middle and eastern Europe as the core market, alongside North America, with which we have a long tradition.
After taking over Eurohypo, the largest European specialist financial institution for property and state financing, Commerzbank is now the second largest bank in Germany and one of the most important in Europe. The group balance sheet total is around €608 billion. With around 36,000 employees, including 8,725 outside Germany, the bank serves more than 8 million customers around the world.
Commerzbank regards itself as a professional services provider for private and business clients and for small and medium-sized companies, but it also serves numerous large and multinational corporate clients. Among its core target groups, it aims to be the "best bank".
About Payment Protection Insurance
With payment protection insurance (PPI), customers can make their payments for outstanding financial liabilities such as vehicle or other private loans, credit card and mortgages in the case of involuntary unemployment, illness or permanent invalidity or death.
Media contact: Christel Liedke
Genworth Financial
Payment Protection Insurance
Martin-Behaim-Str. 22
D-63263 Neu-Isenburg
Tel +49 (0)6102 / 2918-140
Fax +49 (0)6102 / 2918-199
Mobile +49 (0)173 / 546 0571
E-Mail
christel.liedke@genworth.comInternet
www.genworth.de
